OMAHA, Neb. — Berkshire Hathaway Inc. will acquire a minority interest in Pilot Travel Centers L.L.C., which does business as truck stop chain Pilot Flying J, and, by 2023, will become majority owner of the company.
According to a news release, Warren Buffett's Berkshire Hathaway will acquire 38.8 percent equity in Knoxville, Tenn.-based Pilot Flying J, which generates more than $20 billion in annual revenue.
The Haslam family will continue to hold a majority interest in the company with a 50.1 ownership stake, while the Maggelet family's FJ Management Inc. will retain an 11.3-percent share. Jimmy Haslam, owner of the National Football League's Cleveland Browns, will continue as Pilot Flying J's CEO, and the rest of the firm's management team also will be retained, according to the news release.
Under terms of the plan, Berkshire will acquire another 41.4 percent of the company and become the majority shareholder in 2023. At that point, the Haslam family will retain a 20-percent share and remain involved in the operation.